最后，我们来谈谈一家在人工智能上投入巨大、而业务却持续下滑的公司。如果回到 2022 年，我们还记得当时 Tesla 预期年增长 50%，并且其销售的所有汽车都能实现 25% 的毛利。
这在当时看起来是合理的，但请记住，汽车行业本质上是一个大宗商品行业。2023 年他们意识到这一点后，其营收在 3 年里几乎保持不变。看看增长率发生了什么？它已经跌到个位数，2025 年甚至转为负值，这里略有回升，但他们的营业利润已经下滑。
Tesla 的利润，更重要的是其营业利润率，已经大幅下降。过去十二个月的营业利润率仅为 4.2%。这是一家汽车制造商应有的利润率水平。归根结底，Tesla 就是一家汽车制造公司。
Finally, let's talk about a company that invests heavily in artificial intelligence while its business continues to decline. If we go back to 2022, we recall when Tesla was expecting 50% annual growth and a 25% gross profit on all the cars it sells.
That seemed reasonable at the time, but remember that the automotive sector is essentially a commodity sector. Once they came to this realization in 2023, their revenues remained almost constant for 3 years.
Look what happened to the growth rate, okay? It has fallen into single digits , even going negative in 2025, and has risen slightly here, but their operating profits have declined.
Tesla's profits, and more importantly, its operating profit margin, have fallen sharply. The operating profit margin was only 4.2% over the past twelve months. This is the expected margin level from a car manufacturer.
Ultimately, Tesla is a car manufacturing company.